External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 3Q25, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).</li><li>Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.</li><li>The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kia Corp. (000270 KS/Buy)Tariffs weigh on 3Q25 earnings, but dividend appeal remains intact

Thematic (Sector/Industry)

<ul><li>Shares of Hyundai Motor (HMC) and Kia Corp. (Kia) performed well in January-February and May, driven less by earnings and more by robotics/autonomous driving momentum.</li><li>Regarding Boston Dynamics, a potential SoftBank exit in June–July could open the door to strategic investment from big tech players.</li><li>The Robot Metaplant Application Center (RMAC) is set to begin operations/training data collection in August. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shares of Hyundai Motor (HMC) and Kia Corp. (Kia) performed well in January-February and May, driven less by earnings and more by robotics/autonomous driving momentum.Regarding Boston Dynamics, a potential SoftBank exit in June–July could open the door to strategic investment from big tech players.The Robot Metaplant Application Center (RMAC) is set to begin operations/training data collection in August. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2H26 Outlook] AutosRobotics nearing an inflection point; earnings growth to resume

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.</li><li>The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.</li><li>EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.</li></ul>

European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.

<ul><li>Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.</li><li>Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.</li><li>It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.</li></ul>

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.

Trade Idea - Competition Heats up in the BEV Market Globally

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs </li><li>Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP </li><li>Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kia (000270 KS Apr 28, 2025) - Downside Remains Muted

South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)